Acosta-Ormaechea and Morozumi (2013), “Can a Government Enhance Long-Run Growth by Changing the Composition of Public Expenditure?”, IMF Working Paper WP/13, Fiscal Affairs Department.

Albala-Bertrand, J., and E. Mamatzakis (2001), “Is Public Infrastructure Productive? Evidence from Chile”, Applied Economics Letters, Vol. 8.

Arellano, M. and S. Bond (1991), “Some Tests of Specification for Panel Data : Monte Carlo Evidence and an Application to Employment Equations’’, The Review of Economic Studies, Vol. 58.

Baldacci, E., A. L. Hillman and N.C. Kojo (2004), “Growth, Governance, and Fiscal Policy Transmission Channels in Low-income Countries”, European Journal of Political Economy, Elsevier, Vol. 20, No.3.

Barro, Robert J. (1979), ‘‘On the Determination of the Public Debt”, Journal of Political Economy 87 (5).

Barro R., Sala-i-Matin X. (1992), “Public Finance in Models of Economic Growth”, The Review of Economic Studies, Vol. 59.

Baum, N.D. and Lin, S. (1993), “The Differential Effects on Economic Growth of Government Expenditures on Education, Welfare, and Defense”, Journal of Economic Development, Vol.18.

Bhide, S. and M. Panda (2002), ‘‘Evaluating Quality of Budgets with a Composite Index’’, Economic and Political Weekly, Vol. 37, March 30.

Bose, Sukanya and N. R. Bhanumurthy (2013), “Fiscal Multiplers for India”, National Institute of Public Finance and Policy Working Paper No. 2013-125, September.

Busatto LM and Brunori D (2011), “The quality of public expenditure and its influence on economic growth: evidences from the State of Rio Grande do Sul (RS)”, Minerva Program, The George Washington University.

Cabezon, E., Tumbarello, P., & Wu, Y. (2015), ‘‘Strengthening Fiscal Frameworks and Improving the Spending Mix in Small States’’, IMF Working Paper (15/124)

Corbacho, A. and G. Schwartz (2007), “Fiscal Responsibility Laws”, in M.S. Kumar and T. Ter- Minassian (eds.), Promoting Fiscal Discipline, International Monetary Fund, Washington.

CRISIL, Press Release, November 6, 2015 available at <www.crisil.com>

Cullison, W.E. (1993), “Public Investment and Economic Growth”, Federal Reserve Bank of Richmond, Economic Quarterly, 79(4).

Daniel, J., J. Davis, M. Fouad and C. Van Rijckeghem (2006), “Fiscal Adjustment for Stability and Growth”, Pamphlet Series, No. 55, International Monetary Fund, Washington.

Devarajan S., V. Swaroop and H. Zou (1993), “The Composition of Public Spending and Economic Performance’’, WPS 1082, World Bank.

Devarajan S., Swaroop V., Zou H. (1996), “The Composition of Public expenditure and Economic Growth”, Journal of Monetary Economics, Vol. 37.

Dholakia, A. (2005), “Measuring Fiscal Performance of States: An Alternative Approach’’, Economic and Political Weekly, Vol. 40, July.

Diamond J. (1989), “Government Expenditure and Economic Growth: An Empirical Investigation”, IMF Working Paper No. 89/45, Washington.

Erden L and Holcombe RG (2005), “The Effects of Public Investment on Private Investment In Developing Economies”, Public Finance Review, Vol. 33, No. 5, September.

Espinoza R and Senhadji A (2011), “How Strong are Fiscal Multipliers in the GCC? An Empirical Investigation”, IMF Working Paper 11/61, Fiscal Affairs Department.

Ferguson, R., Wilkinson, W. and Hill, R. (2000), “Electricity use and economic development’’, Energy Policy, Vol. 28.

Gemmell, Kneller and Sanz (2014), “Does the Composition of Government Expenditure Matter for Long-run GDP Levels?”, Working Paper 10 / 2014, Victoria Business School.

Government of India (2002), “Study group on reforms in State public sector Undertakings”, Planning Commission, August.

Government of India (2004), “Report of the Twelfth Finance Commission’’, New Delhi.

Government of India (2009), “Report of the Thirteenth Finance Commission’’, New Delhi.

Government of India (2011), “Report of the High Level Expert Committee on Efficient Management of Public Expenditure”, Planning Commission, New Delhi.

Government of India (2012), “State Level Public Enterprises Perform Well in Pro-Reform States”, Press Information Bureau.

Government of India (2015), “Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST)’’, December 4.

Government of India (2015), “Report of the select Committee on the Constitution (one hundred and twenty second amendment bill)”, Rajya Sabha Secretariat, July.

Government of India (2015), “Report of the Fourteenth Finance Commission’’, New Delhi.

Gupta, S., & Verhoeven, M. (2001), “The efficiency of government expenditure: experiences from Africa’’, Journal of Policy Modeling, Vol 23(4).

Gupta, S., B. Clements, E. Baldacci, and C. Mulas- Granados (2005), “Fiscal Policy, Expenditure Composition, and Growth in Low-Income Countries,” Journal of International Money and Finance, Vol. 24.

Herrera, S., & Pang, G. (2005), “Efficiency of Public Spending in Developing Countries: An Efficiency Frontier Approach’’, World Bank Policy Research Working Paper, June.

Hong, Houqi and Sadiq Ahmed (2009), “Government Spending on Public Goods: Evidence on Growth and Poverty”, Economic and Political Weekly, Vol. 44, August.

ICRA Rating Features (2015), “Rating Methodology for Power Distribution Utilities’’, February.

Im, K.S., Pesaran, M.H. and Shin, Y. (2003), “Testing for Unit Roots in Heterogeneous Panels’’, Journal of Econometrics, Vol. 115.

International Monetary Fund (2012), “Macroeconomic Policy Frameworks for Resource-rich Developing Countries’’, IMF Policy Paper, Washington.

Jain Rajeev and Prabhat Kumar (2013), “Size of Government Expenditure Multipliers in India: A Structural VAR Analysis”, RBI Working Paper 07 / 2013, September.

Kumar, Rajiv and Geetima Das Krishna (2015), “Macroeconomic Update: Impact of 7th Pay Commission”, Centre for Policy Research, November.

Lucas, R. E. (1988), “On the mechanics of Economic Development’’, Journal of Monetary Economics, Vol. 22.

Levin, A., Lin, C. F. and Chu, C. (2002), “Unit Root Tests in Panel Data : Asymptotic and Finite- Sample Properties’’, Journal of Econometrics, Vol. 108.

Mishra, R.K., Ch. Lakshmi Kumari and K Srinivas (2014), “State Level Public Enterprises in India: problems and prospects”, Academic foundation, New Delhi.

Misra, Brajamohan (2012), “Fiscal Consolidation and Macro Economy: India’s Experience with Rulebased Fiscal Policy and Post-crisis Challenges”, Paper presented at workshop, Banca d’Italia.

Mohan, Rakesh (2008), “The Growth Record of the Indian Economy, 1950-2008: A Story of Sustained Savings and Investment”, Reserve Bank of India, February.

Mohanty, P. K., B.M. Misra and P. D. Jeromi (2007), “Municipal Finance in India: An Assessment’’, DRG Study No. 26, Reserve Bank of India.

Morris, M. D. and M. B. McAlpin (1982), “Measuring the Conditions of India’s Poor’’, A Physical Quality of Life Index, Promila and Company Publishers, New Delhi.

Muhabir, J. (2011), “Measuring the Efficiency of Local Government Expenditure: An FDH Analysis of a Sample of South African Municipalities’’, In 2012/13 Submission for the Division of Revenue Technical Report, Financial and Fiscal Commission.

Musgrave, Richard A. (1959), “The Theory of Public Finance: A Study in Public Economy’’, New York, McGraw-Hill.

M’Amanja, D. and O. Morrissey (2005), “Fiscal Policy and Economic Growth in Kenya,” CREDIT Research Paper No. 05/06, United Kingdom: University of Nottingham.

Nijkamp, P. and J. Poot (2004), “Meta-Analysis of the Effect of Fiscal Policies on Long-Run Growth”, European Journal of Political Economy, Vol. 20, No. 1.

Pattnaik R. K., Bose D., Bhattacharyya I. and Chander J. (2005), “Public Expenditure and Emerging Fiscal Policy Scenario in India’’, Papers presented at Public Finance Workshop, Banca d’Italia.

Power Finance Corporation Ltd. (2013-14), Annual Report.

Press Trust of India, Press Release, November 05, 2015 available at

Rajan, Raghuram (2016), “Financial Reforms - Past and Present’’ – speech delivered on January 29 at NCAER, New Delhi.

Ramirez, M.D. (2004), “Is Public Infrastructure Spending Productive in the Mexican case? A Vector Error Correction Analysis”, Journal of International Trade and Economic Development, Vol. 13(2).

Rebelo, Sergio (1991), “Long-Run Policy Analysis and Long-Run Growth’’, Journal of Political Economy, Vol. 99, No. 3.

Reserve Bank of India (2009-10), State Finances: A Study of Budgets.

Romer, Paul M. (1986), “Increasing Returns and Long-Run Growth,” Journal of Political Economy Vol 94(5), October.

Singh RJ and Weber R. (1997), “The Composition of Public Expenditure and Economic Growth: Can anything be learned from Swiss Data?”, Swiss Journal of Economics and Statistics, Vol. 133(3).

Tanzi V and Zee H. (1997), “Fiscal Policy and Long-Run Growth”, IMF Staff Papers, Vol. 44, No. 2 June.

Wagner, Adolph (1892), Grundlegung der politischen Ökonomie, Part 1, Vol. 1, 3rd edn., Leipzig: Winter.